3 Tips for Saving Money

Today I will like to share with you 3 tips for sav­ing money.

Let me be hon­est with you. I am sure that you are just like me at times when it comes to your money. You work in a job, you make money and then at the end of the month you won­der where all the money went. Can you relate to this? So do I!!!

It is very impor­tant that we begin to save money because if we don’t have a plan in place for this we will tend to feel guilty after the end of each month because we don’t know where our money went or what we should have done with our money. It is also impor­tant to get this han­dled because some­times we may encounter emer­gen­cies and if we do not have money dur­ing those times we could find our­selves in really seri­ous sit­u­a­tions e.g. our chil­dren can die because we chose to spend all our money on enter­tain­ment and we didn’t plan for sickness.

So you do know that money is impor­tant and with­out money we can­not do much because every­thing we want and need requires some form of money.
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Here are 3 tips for sav­ing money.

1. Learn to live on only 70% of your net income — I know that you are think­ing that is hard but believe me it is pos­si­ble for you to live on only 70% of your net income.

2. What to do with the other 30%? — Here is what you are going to do. The first 10% you are going to give it away to help peo­ple. For me I give the first 10% to a church. You may decide to give it to char­ity. Make sure and give it away. The 2nd 10% you should use it for savings/investing. Put it in a place where it can yield you a good return in a few years. The 3rd 10% you should use it to buy some­thing and sell it for a profit. Get into the entre­pre­neur spirit and learn to feel what it is like to have a small part time business.

3. Keep track of where your money is going — Get a jour­nal or make a sim­ple excel spread­sheet and start writ­ing down where the money is going. This way you will know what to do the fol­low­ing month to ensure that your money is being used wisely and not wastefully.

I encour­age you to try this sim­ple prin­ci­ple for at least 1 month and see what hap­pens. Com­mit this month to write down every­time you buy some­thing and how much you paid for it and then review this at the end of the month. This sim­ple tech­nique will work won­ders for you.

I appre­ci­ate your feed­back on this topic and a good book that is rec­om­mended by all finan­cial experts on this topic is The Rich­est Man in Baby­lon. Talk to you soon.

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